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Plans for Hunter Valley-based Companion Credit Union, Hunter United Employees’ Credit Union and Phoenix Credit Union to merge have been cancelled.
Companion Credit Union chairman Michael O’Connor said: “While all three credit unions agree there was significant potential advantage from a three-way merger, the passing of time has highlighted the many challenges associated with implementing the proposed merger given the diverse systems, pricing philosophies, suppliers, and corporate cultures of the three organisations.”
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The Boards of the three credit unions have decided to discontinue the proposed merger in favour of other strategies, said O’Connor.
